Automobile Services such as General Repair Shops , Body Shops and even specialty type Services such as Windshield Replacement and Audio Specialists , to name a few , require Insurance Coverage that will combine the Specific Liability of damages to their customer’s Vehicles along with the Liability of operating their shop and operating a customer’ Vehicles. General Liability alone is NOT adequate.
Garage Liability Insurance is unusual in that it combines your Business / Premises Liability Coverage with Automotive Liability Coverage.
This coverage is a bit complex , but in combining these exposures , it will typically cover your General Liability exposures associated with operating your shop or service along with your Commercial Auto Liability exposures when in a customer's vehicle or sometimes your own vehicle which is owned by your Business.
This particular coverage requires an experienced agent to delve into your specific situation in order to figure out what you may or may not need in an insurance program.
There have been recent changes by Insurance Carriers to this type of coverage, which has muddied the water for both Agents and Shop-Owners in placing this type of Insurance. However, many Insurance Carriers still utilize the older but more effective format Carolina Industrial still uses and recommends.
Garage Keeper’s Coverage is most easily understood by comparing it to the Comprehensive and Collision Coverages for your personal vehicles.
This type of coverage comes in two portions: Comprehensive and Collision. The Comprehensive portion will cover virtually any type of damage other than Collision or Upset. The Collision portion covers collision with another vehicle or upset (meaning overturning). The coverage can be purchased with a selected Level of Deductibles and a selected Level or Limit of coverage. For example, if you do work mainly on high end vehicles and you typically have four cars on your premises at an average of $50,000 per car, you would then be wise to purchase a limit of $ 200,000 for all customer vehicles in your possession.
While a General Liability or Garage Liability policy is designed to cover your liability for bodily injury or property damage caused by you or your employees, it excludes coverage for damage to any property of others in your "care, custody, or control." This means that the basic General or Garage Liability policy would not cover damage to a customer's vehicle while it is in your care or while you are working on it. Including Garage Keeper's Insurance will help cover this potentially costly exposure.
Commercial Property Insurance covers property owned by an individual or a business that is used in normal business operations. Typically, this type of coverage is for Buildings, Contents, Loss of Income, and Extra Expense Coverage and is combined under a Commercial Package Policy or a Business Owner’s Policy with General Liability and other optional coverages.
If you are a Small Business Owner and work out of your home, your Homeowner’s Policy will frequently exclude coverage for business-related property beyond a small set limit. Be aware of this limitation.
Workers' Compensation Coverage provides employers and employees with medical care, death benefits, and lost wages for work related injuries and illnesses, normally to the first dollar.
The cost for Workers’ Compensation Coverage is based upon how much employees are paid on a per $100 basis. In other words, if you have a clerical office you can expect to pay .38 to .42 cents per $100 of payroll. Another easy way to figure the cost is to divide your total yearly payroll by $100, then multiply the answer by the given Workers’ Compensation rate.
There are certain exceptions to this rule: Sole Proprietor, Corporate Officers, and Members of a Limited Liability Company.
Businesses of all sizes have a variety of Group Health Coverages to choose from. As an employer, you know that benefits such as health insurance are an incentive for prospective employees and provide your current employees with the ability to maintain a healthy and productive lifestyle.
The problem with providing health insurance for your workforce is the cost, but there are many affordable Group Health Insurance options available. Carolina Industrial is here to help make the right choices for you and your employees.
Exposure to catastrophic liability losses is no longer limited to large corporations or to the wealthy. The willingness of the public to sue has increased the number of lawsuits and the size of judgments awarded.
What's more, many Commercial Automobile, General Liability, and Employer's Liability limits are not sufficient to cover some of the court awards made today. Frequently, this coverage is becoming more and more of a requirement for businesses performing work as a sub-contractor on behalf of a larger firm.
Commercial Umbrella Protection makes your Business More Secure
A Commercial Umbrella Policy protects your business against these uncertainties with three kinds of coverage: Liability Insurance that adds to the limits of your Automobile, General Liability, and Employer's Liability Coverage for unknown or unexpected exposures excluded in many standard underlying coverage programs. The policy will give you details about exclusions.
This type of policy also provides coverage for the cost of your legal defense, including court costs, interest on judgments and premiums on necessary bonds.
Coverage under the Commercial Umbrella Policy is written in increments of one million dollars and supplements your present policies to provide broad liability protection.
Your coverage includes a self-insured retention (or deductible) of $10,000 that you agree to absorb before the Commercial Umbrella would apply in the rare occasion of a loss not covered by any other liability policy.